Sale of Assets
John Healey (Financial Secretary, HM Treasury; Wentworth, Labour)
In 2004-05, local authorities in the United Kingdom secured fixed asset sales of £5.2 billion as set out in Table C16, Budget 2006. Apart from certain housing land and dwellings receipts in England that are required to be pooled, local authorities are free to use the proceeds of asset sales to fund new capital expenditure, reduce indebtedness or to increase investments. The level of receipts retained by each individual authority on 2004-05 is set out in the tables that are available from DCLG, the Scottish Executive, the Welsh Assembly and the Department for Finance and Personnel Northern Ireland and have been deposited in the Library of the House.